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What is 'Fair Market Value - FMV' In its simplest sense, fair market value (FMV) is the price that property would sell for on the open market.
Real estate is worth only what the highest bidder is willing to pay for it. That is, essentially, its fair market value. Fair market value becomes important when a property is involved in a divorce settlement, being priced to be sold or involved in an estate, or when eminent domain is being exercised by the government.hat is, essentially, its fair market value. Fair market value becomes important when a property is involved in a divorce settlement, being priced to be sold or involved in an estate, or when eminent domain is being exercised by the government.